China reporter Lucy Gao reviews the major business news-making headlines every day in both the Chinese and English-language press.

Shanghai Daily

■ Microsoft Corp’s XBox One will debut in Shanghai’s pilot free trade zone in September through its local partner BesTV – the first game console officially sold in the Chinese mainland where sales of foreign game consoles have been forbidden for more than a decade.

China Securities Journal

■ New detailed standards regarding the regulation of initial public offerings, particularly pertaining to underwriting, subscription processes and private equity will be released in the near future, said unnamed sources.

■ Hong Kong Exchanges and Clearing said on Tuesday that funds related to cross-border stock investments between Shanghai and Hong Kong could not be used for additional investment purposes, in a bid to curb risks.

■ Bans on non-residents buying property will be lifted in Nanning in south China, with more cities likely to loosen restrictions as cash-strapped local governments are eager for revenue from land auctions and sales taxes to finance projects, experts said.

■ The Industrial and Commercial Bank of China, the country’s biggest lender, and the Bank of Communications, the fifth-biggest, both posted slower growth in net profit in the first quarter amid an economic slowdown.

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Company Profile

■ China’s economy may grow 7.4 per cent this year, lower than the official target of 7.5 per cent, the Chinese Academy of Social Sciences, a leading government think tank, said on Tuesday.

■ Profits of listed Chinese companies beat expectations in 2013, rising more than 14 per cent.

■ More than 60 per cent of listed property developers reported profit decrease in the first quarter of 2014, a sharp contrast from strong profit growth in 2012-13 and previous years.

China Daily

■ China’s leading liquor producers continue to feel the effects of the ongoing austerity and anti-corruption campaigns, according to reports showing that first-quarter revenues and profits were hard-hit.

■ Walt Disney Co and Shanghai Shendi Group will invest an additional 800 million yuan ($140 million) in the Shanghai Disney Resort. The companies expect to attract 30 per cent more tourists than initially planned.

■ The Supreme Court ruled that all parole and early-release hearings involving officials imprisoned for graft must be open to the public.

People’s Daily

■ Business start-ups and employers willing to hire the jobless will receive tax breaks as the Chinese central government looks to encourage employment amid the economic slowdown, according to the statement from the Ministry of Finance.